Oil Climbs a Second Day on Speculation of Renewed Fed Action

Crude climbed for a second day as growing speculation the Federal Reserve will bolster the U.S. economy stoked gains for commodities, while Saudi Arabia’s oil minister said demand is “very healthy.”

Crude advanced as much as 1.3 percent amid evidence that supplies are falling after the American Petroleum Institute said U.S. inventories slid the most since July. The U.S. Department of Energy will issue its supply report later today. Oil has gained 2.3 percent since Oct. 12, when the Fed released minutes showing policy makers are prepared to buy more government debt.